The US is reportedly deciding whether to launch a stablecoin review and will issue stablecoin recommendations by December

After weeks of discussions, the U.S. Treasury Department and federal regulators are close to a decision on whether to launch a review of stabecoins such as Tether through the Financial Stability Oversight Council (FSOC), according to anonymous sources quoted by Bloomberg. Meanwhile, the President's Working Group on Financial Markets (PWG) also plans to issue stablesoin recommendations by December.

Does Tether threaten financial stability?" U.S. officials are deciding whether to launch a review of Stablecoins like Tether through the Financial Stability Oversight Council (FSOC), bloomberg said, citing three unnamed sources, dealing another blow to the regulatory rumors swirling around stablecoins. The voting members of the Financial Stability Oversight Council (FSOC), including the Secretary of the Treasury, the Chairman of the Federal Reserve, the Chairman of the SEC, the Chairman of the CFTC, and independent members, have broad authority to assess and investigate any risks currently facing the U.S. financial system and to consider any business or activity as a systemic threat to the financial system. In addition, the President's Working Group on Financial Markets, which previously held regulatory meetings on stablecoin, also appears to be moving. The president's Working Group on Financial Markets (PWG) is also planning to issue its staboin recommendations by December, and regulators are building a consensus that FSOC review action is imperative, the source said on condition of anonymity. Members of the

FSOC and PWG bodies overlap, including Treasury Secretary Janet Yellen, Fed Chair Jerome Powell and SEC Chair Gary Gensler.

"PWG, led by Janet Yellen, pointed out at the Stablecoin Regulatory meeting in July that regulators view stablecoin as an unregulated money market mutual fund that could be exposed to a run by investors in the event of a cryptocurrency market crash. In December, the President's Financial Markets Task Force stated that staboins may pose risks, including regarding user rights, KYC, AML, market integrity, and currency stability.

bloomberg noted that a Treasury Department spokesman declined any comment on the news.